The White Pine news. [volume] (Treasure City, Nev.) 1868-1906, 1887-09-03
THE MARTIN WHITE ELECTION

ReuOrts from the FfessuehN S"P1
,sndcnt and secretary-The Mine
Clear of Debt.
From the San Francico Stock Report
Of the 10Th we take following pro-
coedipgs had at tue annual election of
this company
At the annual meeting of the stock
holders of the Martin White Mining
Company held yesterday about 2l $50
shares out of %, 900 outstanding were
renresented. The following Directors
we're elected W. L. Norwood, w. r.
Townsend, Z. ID. Sawyer, George II.
Cabaniss, and the new Board organized
by electing E ID. Sawyer, President;
W. r. Townsend, Viee-President; A.
B. Cooper, Secretary. and the Sather
Banking Company, Treasurer.
The company has on hand in the
treasury about $4,000, with total as
sets amounting to $1,000, and no in
debtedness outstanding, excepting cur
|. rent months expenses. The manage
ment during the past two years shows
a record worthy Of imitation.
PRESIDENT REPORT.
To the Stockholders of the Martin
Waite Mining Cempany--Gentlemen
Ia handing YOU the annual statement
aud report of the Secretary and Super
iatendent for the year just closed, |
beg to cal. your attention to the fact
that your present management has
very materially reduced the expenses
0f the company during the two years
il has administered its affairs, and AT
the same time has done very large
amount of prospecting work. 1t las
also, through the skill of Superintend-
ent Culver, IN working the low-grade
ores last year by his improved process,
beea enabled To repay the stockholders
in two dividends for the two assess
ments which were necessary to be lev
led soon after this management came
into power.
By recent sale of some of its sur
plus supplies OF quicksilver, salt and
small quantity of rich ore, the com
pany is now in the possession OF funds
sufficient TO carry on operations IN
moderate way for the balance of this
urrent year and possibly longer.
Having now no available ore depos-
its, and feeling II just and equitable
TO the stockholders that the office eN
penses and Superintendont's salary
should be made lighter, the present
management intend, If retained IN
power, to make large reduction IN
both cases.
Superintendent Culver, who has
been an active worker in the mine,
thereby saving the wages of one miner,
declines reappointment, owing to ILL
health, and | would recommend your
next Board to secure the services OF a
practical miner, who understands as
saying, timbering etc. who Will
also do days work, and then eXpend
the funds in hand in sinking by con-
tract shaft at the point recommend
ed in Mr.. Culver's report. A portion
OF the mine can be leased to tributers,
who will also prospect new ground,
free of expense to the company, and If
by next spring enough ore cannot be
added to tho 270 tons already in hand
to warrant a crushing, the balance of
the quicksilver and salt can be sold,
and thus funds provided with which
to carry on sinking of the shaft and
other necessary expenses for the re-
mainder of the fiscal year.
w. II. TOWNSEND. President.
UPERINTENDENT's REPORT.
WARD, New. August 10, 1887.
W. Il. Townsend, President-Dear
Sir; During the past year, by letting
favorable contracts and by the tribute
plan, the greatest possible amount of
work has been done at the least posi-